English

Rarely used today, this word (Hebrew: TARBITH), which comes from biblical German, refers in a narrower sense to usurious conduct in borrowed natural products such as food and seed. Usury (Hebrew: MAESCHAECH), on the…

Rarely used today, this word (Hebrew: TARBITH), which comes from biblical German, refers in a narrower sense to usurious conduct in borrowed natural products such as food and seed. Usury (Hebrew: MAESCHAECH), on the…

A capital management company which, in accordance with the recommendation of the European Commission of April 27, 2004, manages investment units and derivatives in addition to securities – shares, bonds – in its assets.…

The sale of receivables to a factoring company for a short period only. The purpose of the assignment is – to cover up high outstanding debts to the outside world – for example at…

The sale of receivables to a factoring company for a short period only. The purpose of the assignment is – to cover up high outstanding debts to the outside world – for example at…

The supply of and demand for short-term loans at the end of the month, caused on the demand side by payments required at the end of the month, especially salaries. Sometimes loans on the…

The supply of and demand for short-term loans at the end of the month, caused on the demand side by payments required at the end of the month, especially salaries. Sometimes loans on the…

a fund structure consisting of several subfunds (subfunds, subfunds, share classes; parts of full fund that are available for investing). The entirety of the subfunds forms a legal entity (umbrella). As a result, only…

a fund structure consisting of several subfunds (subfunds, subfunds, share classes; parts of full fund that are available for investing). The entirety of the subfunds forms a legal entity (umbrella). As a result, only…

In old documents, a levy on – beverages for retail sale in general and – in some areas, on wine in particular; sometimes called wine detz. – See Detz, Trinkgeld, Verzehrgeld,, Zehnt. Attention: The…

In old documents, a levy on – beverages for retail sale in general and – in some areas, on wine in particular; sometimes called wine detz. – See Detz, Trinkgeld, Verzehrgeld,, Zehnt. Attention: The…

Persons contact an institution by telephone, posing as its customers and placing orders to purchase questionable over-the-counter securities. This causes the price of these securities to rise. The perpetrators take advantage of this to…

In the technical jargon of the financial world, generally states that introduce their currency as an official means of payment without the consent of the responsible central bank. – In Europe, those countries that…

In the technical jargon of the financial world, generally states that introduce their currency as an official means of payment without the consent of the responsible central bank. – In Europe, those countries that…

Persons contact an institution by telephone, posing as its customers and placing orders to purchase questionable over-the-counter securities. This causes the price of these securities to rise. The perpetrators take advantage of this to…

Economic entities that do not have an account with a bank (persons not served by a bank). According to estimates in the USA, around 23 million private households had no bank account at the…

Economic entities that do not have an account with a bank (persons not served by a bank). According to estimates in the USA, around 23 million private households had no bank account at the…

The ability of high-income citizens, especially in the USA, to save taxes through foundations. As a rule, the assets of the foundation are invested in long-term public securities, partly because this is required by…

The splitting of different production areas in a company – such as: The separation of several business divisions of a diversified group into distinct companies and the distribution of the shares of the new…

In general, doubt with regard to the occurrence of expected circumstances; incertitude: doubt as a state of being unsure of something; lack of clarity. – In economics, in particular, a danger in which –…

In general, doubt with regard to the occurrence of expected circumstances; incertitude: doubt as a state of being unsure of something; lack of clarity. – In economics, in particular, a danger in which –…

In older financial jargon, outstanding debts in small amounts without special security from the debtor. – See Abstattungskredit, Anschaffungskredit, Barkredit, Blankokredit, Bianco, Buchkredite, Darlehn, gedecktes, Konsumentenkredit, Kontokorrentkredit, Kredit, gedeckter, Personalkredit. Attention: The financial encyclopedia…

The production potential of an economy is partially idle. Whether monetary policy can change this situation is difficult to answer in general terms, especially since the causes of underutilization can be very different. –…

The production potential of an economy is partially idle. Whether monetary policy can change this situation is difficult to answer in general terms, especially since the causes of underutilization can be very different. –…

In the variable rate tender procedure – as introduced in the Eurosystem since 2000 – the fact that the bids submitted by banks in aggregate fall short of the allotment amount provided by the…

In the variable rate tender procedure – as introduced in the Eurosystem since 2000 – the fact that the bids submitted by banks in aggregate fall short of the allotment amount provided by the…

In regulatory language, the operation of banking and financial services of any kind without permission (any network or mechanism that can be used to transfer funds or value from place to place either without…

In regulatory language, the operation of banking and financial services of any kind without permission (any network or mechanism that can be used to transfer funds or value from place to place either without…

Generally, to provide collateral for an unsecured debt; to secure a loan (hence: the physical or financial asset to which a creditor has a claim). – The underlying asset to which an option or…

Generally, to provide collateral for an unsecured debt; to secure a loan (hence: the physical or financial asset to which a creditor has a claim). – The underlying asset to which an option or…

The asset underlying a forward contract (the asset upon which a forward contract is based; it can be either a financial asset, e.g. a share, a bond, a treasury bond, a forward contract, currency,…

The asset underlying a forward contract (the asset upon which a forward contract is based; it can be either a financial asset, e.g. a share, a bond, a treasury bond, a forward contract, currency,…

The underlying asset of a forward transaction (derivative). These are primarily equities, interest rate instruments, indices, foreign exchange, precious metals, financial derivatives and exchange-traded commodities. The value of a derivative depends on the respective…

Unless otherwise defined, the operating business success; in the case of banks, measured by adjusting the result – i.e. the profit or loss determined in accordance with cost accounting principles – essentially for gains…

In general, the risk of impairment of collateral. – In particular, in the case of real estate, the reduction in the value of the property pledged as collateral due to special characteristics of the…

An investment that produces a smaller return than other similar investments. – A share that underperforms the related stock index (a share that falls below the common run). – A company that performs below…

An investment that produces a smaller return than other similar investments. – A share that underperforms the related stock index (a share that falls below the common run). – A company that performs below…

Issuing securities at less than their nominal value. – The listing of a newly issued security below its issue price (the price of the first trade is lower than the initial public offering price…

Issuing securities at less than their nominal value. – The listing of a newly issued security below its issue price (the price of the first trade is lower than the initial public offering price…

Unless otherwise defined, the favorable difference (positive difference) between the initial quotation of a newly issued security (share, bond) and the issue price, also called the subscription yield (money left on the table). –…

Entities whose exclusive purpose is to invest money raised from the public for collective account in securities according to the principle of risk spreading. They require authorization in only one member state and are…

In financial parlance, the removal of assets from a company – by the fraudulent management of the company and bringing these assets into their own private firm, or – more or less secretly by…

In financial parlance, the removal of assets from a company – by the fraudulent management of the company and bringing these assets into their own private firm, or – more or less secretly by…

In the jargon of a call option, when the price of the underlying asset on the spot market is below the strike price, in other words the option is out of the money (a…

In the jargon of a call option, when the price of the underlying asset on the spot market is below the strike price, in other words the option is out of the money (a…

In jargon, a designation that is equivalent to an urgent recommendation to exit an engagement. The opposite of a buy recommendation is called overweight (a recommendation for investors to decrease their engagement in a…

In jargon, a designation that is equivalent to an urgent recommendation to exit an engagement. The opposite of a buy recommendation is called overweight (a recommendation for investors to decrease their engagement in a…

In general, an entity assuming a financial risk and receiving an underwriting fee in return; an insurance company. – In particular, a bank that – buys all or part of an issue from the…

In general, an entity assuming a financial risk and receiving a corresponding underwriting fee; an insurance company. – In particular, a bank that – buys all or part of an issue from the issuer…

The underwriting of securities, money market instruments or derivatives at the company’s own risk for the purpose of placement or the assumption of equivalent guarantees. In Germany, such service providers are subject to supervision…

Two or more banks that undertake to underwrite an issue – according to a predefined key – if it is not sold in the market. – See arranger, issuance, bought deal, underwriting. Attention: The…

Arbeitslosenentschädigung] (unemployment pay, out-of-work benefits, dole): Generally, the transfer of payment funds to the unemployed (money given to the unemployed by the government or a compulsory para-governmental insurance system). – In Germany, unemployment assistance…

The number of unemployed people as a proportion of the total labor force, where the latter includes both the unemployed and those with jobs. The ECB calculates the unemployment rate for the euro area…

In general, the former name for any kind of monetary levy on the import and/or sale of foodstuffs that was perceived as onerous; an excise tax. – In particular, also a tax on beverages,…

In general, the former name for any kind of monetary levy on the import and/or sale of foodstuffs that was perceived as onerous; an excise tax. – In particular, also a tax on beverages,…

Goods and services which – to the individual and – thus always also to society – cause harm now, i.e. immediately – or later, after some time. – However, it is completely wrong to…

Goods and services which – to the individual and – thus always also to society – cause harm now, i.e. immediately – or later, after some time. – However, it is completely wrong to…

The requirement to treat men and women equally in insurance. – See Bisextarif. – Cf. Annual Report 2003 of BaFin, p. 126 f., p. 175 f. (issues of equal treatment also in occupational pensions),…

The requirement to treat men and women equally in insurance. – See Bisextarif. – Cf. BaFin Annual Report 2003, p. 126 f., p. 175 f. (issues of equal treatment also in occupational pensions), BaFin…

In a country, only individual, independent and non-interconnected institutions operate (system of banking under which banking services are provided by single banking firms. Banking legislation does not permit a bank to open branch offices;…

The average cost of labor per unit of output, calculated as the ratio of total labor costs to real output. For the euro area, calculated as the ratio of compensation per employee at current…

The respective legal tender of a country (CHF) or of a currency area (EUR); i.e. the name of the money introduced there in the legal sense; the name of the currency. – See money,…

The profit per unit sold and thus the margin between revenue and cost, based on one unit of the good sold. – Cf. ECB Monthly Bulletin, March 2013, pp. 63 f. (significance of unit…

The profit per unit sold and thus the margin between revenue and cost, based on one unit of the good sold. – Cf. ECB Monthly Bulletin, March 2013, pp. 63 f. (significance of unit…

Ratio formed from the export value of goods (in GE) divided by the export quantity (in kg). It expresses the value added (net value added) of the exporting industries. – It is an important…

Ratio formed from the export value of goods (in GE) divided by the export quantity (in kg). It expresses the value added (net value added) of the exporting industries. – It is an important…

Sometimes used German term for the unit-value relation. Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without express consent! University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.…

An institution that basically offers all financial services. – In the discussion about the causes of the subprime crisis in 2007 and the financial crisis that followed it, some experts recommended that universal banks…

An institution that basically offers all financial services. – In the discussion about the causes of the subprime crisis in 2007 and the financial crisis that followed it, some experts recommended that universal banks…

After 2010, this term was also used in financial jargon to describe expected events whose exact direct and indirect impact on the economic cycle and especially on the financial market can hardly be estimated.…

After 2010, this term was also used in financial jargon to describe expected events whose exact direct and indirect impact on the economic cycle and especially on the financial market can hardly be estimated.…

A loan without collateral from the borrower (a credit granted on the borrower’s promise to repay the debt, and for which collateral is not a precondition), a blank loan. Attention: The financial encyclopedia is…

Blocking of turnover on the stock exchange in Neuyork if the Dow Jones stock index rises by more than fifty points within a short period of time. – This restriction is intended to prevent…

Blocking of turnover on the stock exchange in Neuyork if the Dow Jones stock index rises by more than fifty points within a short period of time. – This restriction is intended to prevent…

In the older literature, the contribution of all entries up to the latest status; and here especially in relation to the customer accounts of a bank. Attention: The financial encyclopedia is protected by copyright…

In general, the possibility that the actual return from an investment may exceed expectations upside (the possibility that the value of an engagement may increase beyond forecast level). Any engagement in the financial market…

Generally, the possibility that the actual return on an investment exceeds expectations upside (the possibility that the value of an engagement may increase beyond forecast level). Any engagement in the financial market involves the…

In stock exchange parlance, a buy or sell transacted at a more favorable price than an immediately preceding transaction in the same security (an exchange transaction in which a buy or sell of a…

In stock exchange parlance, a buy or sell transacted at a more favorable price than an immediately preceding transaction in the same security (an exchange transaction in which a buy or sell of a…

In earlier times, a register of the revenues of the manor with a list of duties (levies, fiefs; soc(c)ages), often covering long periods of time, and a list of the serfs (villeins) liable to…

In earlier times, a register of the revenues of the manor with a list of duties (levies, fiefs; soc(c)ages), often covering long periods of time, and a list of the serfs (villeins) liable to…

In regulatory language, management intervention in a development that threatens to get out of hand (fatal development that causes the management to take action). – See default, risk management, loss absorbency. Attention: The financial…

“Pay in best money!”; decree of the Sumerian (Sumer = an ancient country of southern Mesopotamia in present-day southern Iraq; the Sumerians are believed to have invented the cuneiform: the wedgeshaped system of writing)…

“Pay in best money!”; decree of the Sumerian (Sumer = an ancient country of southern Mesopotamia in present-day southern Iraq; the Sumerians are believed to have invented the cuneiform: the wedgeshaped system of writing)…

In general, the custom in trade, the trade practice, trade usage – at a certain trading place or – in a certain trade sector. – Usages in the financial market must always be observed…

In general, the custom in trade, the trade practice, trade usage – at a certain trading place or – in a certain trade sector. – Usages in the financial market must always be observed…

Fee charged by institutions for the use of certain facilities, such as a night-time safe. – In the case of a line of credit or revolving loan, the fee charged by the bank (a…

Information about the partner that is indispensable, especially in the case of an Internet bank, but also in the case of electronic banking in general. This usually includes – the user’s name, – his…

In the case of banks, the endeavor to ensure that all technical means and methods made available to the customer are as easy to use as possible. In connection with electronic banking, this has…